(December 22 – 10:50 ET) – Manulife Financial, and CGNU plc, the United Kingdom’s largest insurance group, have signed a binding agreement that will see Manulife acquire Commercial Union’s life insurance business across Canada, including its leading critical illness insurance portfolio.

Under the agreement, subject to regulatory approvals, Manulife will purchase the entire issued share capital of Commercial Union Life Holdings Ltd. The transaction, which is expected to close in the first quarter of 2001, includes insurance assets in excess of $960 million and more than $70 million in segregated fund assets.

“This agreement will make Manulife the leading player in the critical illness insurance market in Canada, adding a significant amount of high-quality business,” says Geoff Crickmay, Manulife’s senior vice president of Canadian individual life insurance operations.
-IE Staff